It's an update to my previous post based on the 1H timeframe. You can find it in the related ideas and get more details about the market and why we have to follow the price channel.
Now we have to note an important signal - the price reached 5300.00 resistance level which also is supported by the upper line of the channel.
RSI confirms the price reversal. MACD histogram supports a possible downward movement. DMI tells us about range market conditions. All these signals tell us about the bouncing from the resistance zone and moving down to the main line of the channel. Such movement will be logical.
At the same time, we should be ready to see a breakout, which can be also a false breakout, and an upward movement to the next resistance at 5500.00 level. But do you think that the market can do this now?
Share your ideas in comments, let's discuss!
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@DLavrov, i think we will see upward momentum to near $6000 then retrace back down to around $4500. which would finish forming the cup and carve out the handle. Then moon!
It could go either way here. Second channel is weaker than first . ETH and LTC showing weakness at this resistance. But BTC is inches away from a breakout and really wants to go! Tough call here. My guess is we retest the bottom of the flag.
Watching that channel as well and also keeping an eye out on the double top formation that could come right after. If we are going to be heading up, it's going to take some momentum to push us there but ones the structure high is broken, this could be a great long trade with not much in the way. Love the update man!
My target is 6-6.1k as assessed in below chart. The capital? I’m bearish on Gold and at least SPX. I’m calling for SPX to correct towards 1800-2000, uncertain for Gold except further down. BTC recently proved how profitable it can be and has corrected ~80% from its ATH. Therefore, arguing that Gold and SPX sellers will flock to BTC is reasonable. Check out my profile for the corresponding charts SPX and Gold charts.
Jay3000
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@Teklologist, agreed then it will form the handle to the cup then look out!